The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in written testimony Tuesday, a shift in emphasis away from the Fed’s single-minded fight against inflation that suggests it's moving closer to...FILE - Federal Reserve Board Chair Jerome Powell speaks at a news conference at the Federal Reserve in Washington, June 12, 2024. Powell testifies to the Senate Banking Committee on Tuesday, July 9, 2024.
The Fed chair is addressing the Senate panel on the first of two days of semi-annual testimony to Congress. On Wednesday, he will testify to the House Financial Services Committee. In the past, Powell and other Fed policymakers have repeatedly stressed that the economy's strength and low unemployment rate meant they could be patient about cutting rates and wait to ensure that inflation was truly in check.